European banks have been smacked since Russia invaded the Ukraine which is frustrating to MM considering we had flagged our intention to lighten / sell our holding around $4.20 – another classic case of 2022 requiring more “active investing” than in previous years, with the old adage of don’t be a d*ck for a tick annoyingly ringing true!
The sharp 23% correction as banks across the region came under pressure following banking sanctions towards Russia may present a buying opportunity if it continues towards $3 otherwise were going to recognise the 12-months old $3-$4 trading range and be patient for an exit.
MM will consider increasing our VUK position around $3 with our sell target ~$4
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